has hit an all-time high. >> and i know investors are hoping microsoft can stay above 30 this time. it's done it a bunch, and it's never been able to hang out there. >> yeah! >> we'll see. have a good time heading out tomorrow. i'm off to do this. >> off to do a little racing. >> big jobs day tomorrow. >> mother of all data, as they call it. thanks for watching "street signs." hi, everybody. er the final stretch. welcome to the closing bell. i'm maria bartiromo at the new york stock exchange. what the difference a day makes for the markets today, bill. >> we have right now gained back what we lost yesterday. dow was down 128, up 129 today. i'm bill griffeth, by the way, just in case you're keeping score. if you thought yesterday was the beginning of sell in may and go away, think again. stocks have recouped those losses and oil, by the way, wti crude oil has had its best up day of the year today, up about 3%. so energy has been one of the powering agents higher today.

>> exxonmobil, a dell component. of course, two big interviews for you, bob benmosche will be with us and steve kandarian. we'll talk about that and the regulatory environments, coming up. >> a lot of insurance. all-state's closing the bell as well today. iag opened it. nervousness ahead of tomorrow's jobs report. we will have a preview and expert analysis of what to expect and how it might move the markets on friday, or not. i mean, jobs, do they matter right now? the fundamentals to this market. look at that. >> the buy on the dip mentality is at the forefront. take a look at where we stand as we approach this final stretch of the dow jones industrial average, up 128 points, as you can see, right around the highs of the day. nasdaq composite also doing well, and the standard & poor's 500 looks like this, gains on

the session of 15. >> bob pisani, they did buy the dip from yesterday. >> they did, indeed. and a little bit surprising to some traders, because take a look at the dow industrials. a lot of traders are just very worried that the non-foreign payroll reports tomorrow is going to be terrible, well below expectations, particularly the private part of it, the adp report was just miserable, frankly, and a lot of numbers are having to come down very quickly. the bottom line is the fed said yesterday with that sentence in there, if things get worse, we won't just subtract, we may add, and that is one of the reasons the market is on the upside. this is a broad advance. when you get technology and health care all advancing in the same group here, that's a sign of how broad the advance is. a couple of big sectors that are moving the today. we've got the casinos all at new highs. we've got very good earnings report. las vegas sands, we know about singapore being strong, but mgm, i was shocked to see how good the numbers were in las vegas! what slowdown? these are all new highs for this

group. home builders all did very good. visa homes going to be profitable next quarter. they're all moving up. finally, what else do you want? we've got an ipo that's doing okay. ing, the u.s. operations of ing, priced at $19.50, and there it is at $20.57. what else do you want? >> i don't know. is there anything else, bob? you gave it all to us. thank you. >> good night, everybody! >> the markets are all up. >> we'll check back with you later. let's get to today's "closing bell" exchange. jim bianco, steven grasso, cnbc market analyst from stewart frankel and our own rick santelli. mr. grasso, ways this rally all about today? >> we've been banging up against 1,600 as resistance since april 11th. the more times you take a run at a level, the better chance you are at breaking through that level. we waited for ben, we waited for the ecb, now it's about jobs. that jobs number has to be very poor to stop this rally.

i think we're looking at 1625, 1650 very soon. >> but wouldn't a bad jobs report be comforting to the market, knowing that it's got bernanke's support? >> it doesn't matter. it's a search for yield, it's a search for return. look at the dollar today. we're the safe haven. you have to look at everything about the united states right now, even bad numbers are perceived good, as maria said, the buy the dip, the mentality is here. people are still chasing everything at this moment. >> jim bianco, what do you want to do? put money to work in this triple-digit rally or no? >> i've got to agree with steve. it's all about central banks, it's all about liquidity and that's pushing the the market higher. yeah, if you want to look at the fundamentals, it was a lackluster earnings season, revenues weren't that good, guidance was pretty poor, but that doesn't matter right now. the fed's in, the boj's in, mark carney is coming july 1st to the bank of england, they'll be in, and the market's going to go up. when they stop, we'll have problems, but they're not stopping right now. >> and in the meantime, gene

peroni, you're looking further out. you feel the dow will hit 18,000 in the next two years here, right? >> i do, bill, and that could even prove to be somewhat conservative. it's been a tremendous disconnect between a consistently positive market and all the skepticism and yet, you know, the data is really starting to bear out that this market, in fact, is being predictive about the outlook. we've seen better housing numbers, better out numbers, better numbers in a number of different sectors here. 69% of companies beat expectations so far in this quarter. i think it's -- >> but you're talking about fundamentals now. you're talking about the fundamentals growth in this economy. but a lot of this market, we are led to believe, is because of what the fed is doing, to get to 18,000, do you need the fed to hold its policy as low as possible over that next two-year period? >> well, i think that they will. and i think that's partially important. but i think we're going to come to a point where the economy can kind of move on its own, sustain

itself. i think the most important thing here, bill, that's not being stated enough, it's not just the liquidity that the fed is providing, it's the transparency. i've never seen a market where you remove entirely monetary uncertainty. that's extremely bullish for the market from a psychological and technical standpoint. >> rick santelli, what'd you make. ecb today? we were expecting some kind of stimulus or at least a suggestion that the ecb is going to be there. and that's what we got. >> yeah, no. i think that the european markets definitely in the last several days pretty much demanded the move that mario gr draghi delivered on. i think that the biggest issue today has something to do with europe, but not necessarily directly. i looked at the trade deficit today, and it's really good news it moved under $40 billion to $38.8 billion. but when you looked at the internals, less exports, less imports. i think you walk away with all the information you need, that the global economy is slowing,

this isn't going away, and i wish gene was right on all of his measurements regarding the economy. because i am still at a loss how somebody like gene could see all the good in the economy, and yet, we have a federal reserve that refuses to stop crisis management. it just doesn't square. >> well, we haven't mentioned the jobless claims as well. that's, obviously -- >> five-year low? >> lowest since '08 on the jobless claims. is that part of this? >> i think it is part of this. what it tells me is that jobless claims only give you information if they go higher, not lower, because we've seen this movie, and the correlation, actual jobs and actual people working seems to get more ten wouous. >> and the problem is, rick, it frustrates a lot of bears because there's a lot of bad news out there and it hasn't translated to lower prices in the stock market. i don't think the fed will be able to thread that needle either, but you have to be in this market or you've missed the last 150 handles. >> i couldn't agree more! i couldn't agree more! this is las vegas, the fed's the

dealer, and you've got to play the game. i get it! >> what do you think, gene peroni? are they going to be able to do this without a huge market disruption? >> i don't think there is going to be a huge market disruption. and i think when the fed finally does decide to raise rates, there might be an initial knee-jerk negative reaction to that, but then i think the investment community will realize that the fed is saying, hey, the economy really is growing, it can grow on its own now, we're going to start to step back and you'll get another big leg up and more money coming in from the sidelines. >> jim bianco, where are you going to invest here? >> i'm going to agree with the majority here and say you want to invest in risk assets. i like what rick said. the fed is the dealer and they're pretty much dealing with the cards up so you know what everybody's got and you want to continue to play this game. if i could make a word about a down trodden market that's been kicked in the teeth, i still like gold. maybe i should say that quietly. but it will continue to move higher as we move forward from

here. >> that opens up a whole other can that we don't have time to pursue at this point. thank you, guy. >> thanks, everybody. >> see you later. all right, heading towards the close, 50 minutes plus right now. the dow, near the highs of the day, up 121. we had about 130-point gain a little while ago, but we've really, essentially, gained back what we lost yesterday. >> absolutely. meanwhile, intel today telling us who the next ceo will be. up next, we'll take a look at whether a change at top of intel can turn around what has been one of the worst-performing dow stocks over the last year. also, we're going to hear from somebody who says high-speed trading firms may be making money at your expense and what he says should be done about that as we continue to look at this very important and controversial issue. >> and later, a pair of interviews with two giants at the insurance companies, robert benmosche will be here along with steve kandarian and break down earnings exclusively on the "closing bell." changing the world is exhausting business.

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welcome back. technology really leading today's market rally. facebook, for one, having a big day after the earnings reported last night. let's get to seema mody at nasdaq with that story. >> that's right, facebook

leading the charge after reporting that mobile ad revenue now makes up 30% of its total ad sales. we're also seeing heavy volume in that stock. apple staging a major comeback, up about 10% over the last week, and of course, another big story in tech. intel naming its current chief operating officer, brian krzanich as the new ceo. while some were hoping as an external candidate to come in and lead intel through this mobile age, stern ag analyst says this announcement helps fill the gap and removes some of the overhang. keep in mind, maria, since paul announced he was stepping down, intel shares have climbed roughly 17%. back to you. >> thank you, seema. i'll take it from here. we'll wonder whether the new leadership at intel will make the stock a buy. let's start talking numbers on the semiconductor giant with rich roth. on the fundamental sigh, it's enis taner with ri

riskreversal.com. welcome back, guys. rich, lousy year last year for intel, but they have been coming back, as seema suggested. do you like the chart or not here? >> the chart is a tale of three breakouts. i'm a buyer of all three. let's bring out that 12-month daily chart and i'll show you what i mean. you can clearly see we've taken out that downtrend from last area's high. in addition, we've broken out from this seven-month base of support and we've taken out the 200-day moving average in the process. i think that sets us up for a test of 26 in the short-term and potentially a retest of that old high, back around $28. i'm a buyer of the stock right here. >> okay. ennis, how about fundamentally? >> intel was one of my favorite stocks to sell right now. and there's several reasons for that. first of all, intel justified the new ceo by saying that it's going to help them move into mobile. this is way too little, way too late. in fact, intel's biggest competitor in the mobile space is qualcomm, which is now a similar valued stock with a nice dividend yield, but actual earnings growth.

the second reason is if you look at intel, it's viewed as a defensive 4% dividend name. unfortunately, most of the other stocks like that in the market are defensive sector names. intel is in a cyclical sector that, oh, by the way, is the pc market, which is even worse than a normal cyclical sector. and on top of all of that, there's a ton of overhead supply in the stock. i disagree with rich 100%. >> rich? >> intel is unchanged over the last ten years, but this stock is basically a utility in the technology space with a tacit monopoly in an industry with extraordinarily high barriers to entry. woody allen said 86% of success is showing up, intel shows up year after year. i'm a buyer of intel with that 3.7% dividend. >> let's see who enis can quote here. >> they're showing up in an industry that is rapidly shrinking. i don't see that changing. intel's in the wrong place at the wrong time. >> we've agreed to disagree on that one. thank you, guys. see you later.

i love quotes of woody allen's, one of my favorites. >> absolutely. we're in the final stretch of trading for the day, a market that is rallying, 45 minutes before the close with the down up 126. >> as we know, the head of the european central bank, mario draghi said this morning, enough with the tax increases already. it's time to cut taxes the europe. is there a lesson in what he says for the u.s.? chief international correspondent michelle caruso-cabrera will be here with that story, coming up. and then a jobs report tomorrow disappoints, will that spark a sell-off on wall street that so many have been predicting? we will navigate that and tell you what to expect later, on the "closing bell." tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me.

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mario draghi, the head of the european central bank, warned this morning in his view, enough is enough when it comes to raising taxes. our chief international correspondent, michelle caruso-cabrera has details. michelle? >> hey, bill. ecb president mario draghi made these comments at his press conference after he held after the central bank cut rates. a reporter asked him, mr. draghi, are you the last man standing when it comes to defending austerity? and he was clearly exasperated in his response. he said, essentially, listen, i've always said when a government tries to balance his budget, it lead to a slowdown in the economy, at least in the short and medium term, but the key question is, how do you mitigate that effect. given the choice between cutting, spending, or raising taxes, government should cut

spending, but guess what, they didn't. >> most governments really chose the simplest route, which is the one of raising taxes. here we are talking about raising taxes in an area of the world where taxes are already very high. so no wonder this had a contractionary effect. >> contractionary effect is central banker speak for a decline in the economy. draghi went on to say that now that the emergency has passed, maybe they can keep cutting spending and also cut taxes at the same time. maria? >> so, michelle, is this the same discussion, basically, we're having in the united states, spending cuts or tax increases in terms of getting your arms around the debt and deficits? >> doesn't it feel so similar, maria? everybody's having this -- how do you best juice the economy, where does the money go? do you raise taxes so the government can spend more or do you give taxes to individuals so they spend more in the private economy? >> what do you say we talk about that right now. good idea, michelle? >> sure! >> all right. stay there. we're joined here at the new

york stock exchange, howard dean, former presidential candidate, former governor of the state of vermont, we could go on and on. >> former, former, former. >> but right now he's here with us and you advocate for tax increases? >> yeah, within reason. >> with the spending cuts. you like the sequester? >> i would have gone over the whole fiscal cliff, because we do have to do something about the budget balance problem. and it is true that europe's got too much austerity, but if you look at greece, their pain is because of the cuts. the problem is europe and the united states are not the same. europe's debt ratio is enormous. it's more than twice as big as the united states' is. so they're going to have to endure a hell of a lot of pain. but, really, the tax increases that the president put through at his insistence, during the solution, had zero effect. because it's all discretionary income for people over 400,000. so the truth is, we're either now going to have to cut services or raise taxes and we have to make that choice. >> but can you really move the

needle with the revenue you're getting from the tax increases. >> absolutely not. >> so you have to cut spending. >> you've got to do both. that's why i was for the sequester. i have no faith in congress to be able to make any meaningful cuts in spending, especially in defense, which has to be cut. >> what about medicare, though. why can't we get some agreement on what needs to change? >> because i can tell you what needs to change and nobody's proposed it. and it's not just medicare. the problem in american health care is we get paid for spending more money. as long as you pay us fee for service, we're going to do more and more stuff, whether it works or not. you have got to start paying people by the patient and stop paying them by the procedure. >> michelle? >> no, i think you have to change who pays. you have to have individuals bear just a little bit more responsibility, because right now, if they spend almost nothing, if it's the health insurance company that's in between, you really don't make any choices or good choices. you're not thinking about what you want. >> i will strongly, strongly disagree with you. >> i'm not surprised. >> in fact, patients actually

pay more. and the stake that paul ryan made was trying to shift the payment from the payer to the patie patient. that doesn't have work. >> we have evidence that it works. >> you have no evidence -- >> would you like me to give it to you? >> you can give it to me, but i won't believe it. the real difference is when you shift the risk to the provider, because they're the decisionmakers in health care. and once you do that -- >> hsas are phenomenal. we should tell people what they are. they're a health savings account, and when you give employees the first thousand bucks and they say -- and you say to them, okay, this first thousand is yours, you can do what you want with it, you can maybe save it for next year, depending what the plan is like, people get far more judicious about what they spend their money on. >> that is true. the reason it doesn't move the needle is because the problem is not the first thousand bucks. the problem is the $50,000 coronary artery bypass graft, the $100,000 oncology tab. that has not moved and that's

where the big bulk of the spending is. >> let's pull us out of the weeds a little bit, a little higher altitude. the debate has been growth versus austerity and trying to find a balance between those two. and mario draghi seemed to suggest that maybe they've overdone the austerity thing in europe to this point and it's time to start thinking about growth again. >> the only trouble is, there are two europes. there's the italy, which has not cut spending enough, or as he pointed out, and then there's the greece that's cut it so much, there are actually people -- huge number of peoples -- >> governor dean, your facts are so wrong -- >> i think we're in a much better place -- >> governor dean, your facts are so wrong. greece raised taxes over and over and over and over again and barely cut spending. that's why they're suffering as much as they are. >> i think we have some disagreements about that. >> yeah. >> their unemployment rate is 25%. >> right, exactly. and not only did they raise taxes, they tried to suck more money out of the private sector in order to pay for the public sector that was crushing them. >> well, we're going to disagree. >> let me ask you this, yesterday, i thought ben

bernanke had a really good comment, we were talking about it all day yesterday, basically saying that the fiscal policy is slowing growth, is hurting the economy. in other words, the lack of fiscal policy, ben bernanke is bailing everybody out. >> that's correct. >> okay. so why can't we get our fiscal policy in order? >> because it was suggested that the tax increase of december is what is slowing things down right now. >> well, i don't -- >> he said it in his statement. >> i think ben bernanke gets most of the credit for why we're doing something -- >> all of the credit! all of the credit. >> a terrific, terrific job. he is the one that's put stimulus in the economy, and i really do think if anybody's a hero in any of this, if there is a hero, it's ben bernanke. >> but is a tax increase a drag on the economy? >> i find that hard to believe? >> everybody's complaining about the payroll tax. >> that's true. i agree that the restoration of the payroll tax is a drag on the economy, because it's completion nondiscretionary income in terms of how you spend it.

>> and it hits everybody, not just the rich. >> but you've got to do that, that directly goes to the deficit, particularly ultimately in social security. >> why do we have to do that now. if we're at a fragile on the in the economy, why are we raising taxes and talking about raising them even further? >> because the economy is still growing and it's growing principally because of the quantitative easing, which is now quantitative easing infinity. see, here's the problem. because we have a lousy fiscal policy at the federal level, because you can't trust congress to do anything right, and we've got bernanke, i think, with his finger -- >> what about the president? do you not attribute any of this to the president? is it not congress' fault? >> well, as a democrat, i think it's mostly congress' fault. >> we're going to stop right there. >> it's the house's fault, right? >> michelle's going to be in on this one in a big hurry. >> thank you so much, governor. good to have you on the program. >> now you know where we are here. >> it's great. >> good to have you with us

today. on a related note, both sides of the political aisle in washington are doing some pre-war planning ahead of the next debt ceiling fight. john harwood is in washington with details. john? >> reporter: bill, this coming week, the house of representatives is going to vote when they return from their break on a republican bill to allow the treasury to prioritize payments in the event we hit the debt ceiling later this summer. what this bill would do would be to say, we're going to first pay bond holders and not default, in the legal sense, on those obligations, and then we'll prioritize after that, which bills we can pay. i spoke to a senior administration official this morning. they are adamantly opposed this bill. they say it would spook financial markets. that even if you meet your obligations to bond holders, that, in fact, if you defer any only obligations that the government has committed to, in a practical sense, that is default, that is going to frighten financial markets. that is going to affect future treasury auctions and so this is

the beginning of the negotiation that's going to play out for some time. i talked to a staff member of the house leadership. they don't expect this to become law. they expect it to die in the senate. some of their base want to have this vote. but we don't know what the actual, practical solution is ultimately going to be. and when it will take place. the debt limit is due to expire some time this summer, but we don't know whether or not we're going to hit it early august, late august, revenue has been a little bit better than expected so far and the two parties are going to begin and try to figure out whether or not we're going to have another stalemate. the administration and democrats are counting on that not happening. that republicans don't want to repeat what we went through in 2011. but we haven't established that yet, guys. >> all right, john, thank you so much. we'll be watching that. and of course that big debt ceiling debate happening in july. >> rest up! >> we'll see if that's something that the markets are focusing on. >> the last debate they had was horrible for the markets. remember that, a couple years ago? >> absolutely. we've got a market that's

rallying right now, up 128 points on the dow jones industrial average. supporters of high-speed trading says it helps investors by reducing volatility and lowering transaction costs. but our next guest says the risks far outweigh the benefits and every investor should be on high alert. and he'll explain why, straight ahead. also ahead, aig ceo rob ben m mos che breaking down their results. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines

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welcome back. investors getting set for a big pair of earnings after the bell tonight. josh lipton with the preview of aig and linkedin. josh? >> maria, two stocks on our radar. first up, insurance company, aig. the street looking three things. this underlying loss ratio, its market-leading pricing momentum, and new guidance on capital returns or earnings recovery prospects. that stock, up nearly 20% this year. ceo robert benmosche in a cnbc exclusive at 4:30 this morning. and linkedin, eps of 31 cents.

that would equate to growth year over year of 104.68%. analysts say they're expecting to see strong first quarter results given its differentiated offering and superior value position for recruiters, premium members, and advertisers. they have a hold on the stock, however. a rating they say is valuation-based. that stock up some 70% this year. up some 340% from its ipo price of 45 bucks. maria, back to you. >> all right, josh, thank you so much. well, one millisecond, that could be the difference of millions of dollars -- >> did you feel that? it just went by. >> in the world of high-speed trading. it's that very mentality that has cost the market and investors far more than anything high-speed offerings can offer, with systemic issues, volatility, and a destruction of confidence. >> sal joins us right now with some suggestions on how to fix the problem. which i'll get to you. you have three of them. for me, look, technology is not going anywhere. and as long as guys are smart

enough to figure out how they can game the system, it's going to happen. my problem is, when it's not available to everyone else. if it's not at a level playing field, then there shouldn't be this advantage, or unfair advantage, for some of the pros out there. do you agree? >> i would agree. and i would tell you, first of all, technology and its leverage in this business has been the best thing that's ever happened for investors. but if you go back, say, ten years, or even go back to 2005, we were talking about technology that was being leveraged to bring natural buyers and sellers together, directly. >> right. >> much more efficient. >> much more efficient. and that's just electronic trading. so when people say that transaction costs have fallen and spreads are narrowier, well, geez, from 1987 to 2003, spreads have fallen from 25 cents to 2 cents. so from then on, 2007, which is the modern birth date of high-frequency trading, what have we gained? half a penny in spread reduction? that's the benefit? really. and for that, half a penny

spread reduction, this is what we've endured. failed ipos, algos that have run amuck, mini flash crashes, tweets that are being run by computers and these newsfeeds are sold by these stock education changes themselves. >> so you're saying this is an issue of market structure, not necessarily high-frequency trading. >> and we would never want to ban high-frequency traders just as we would never want to ban warren buffett. >> you're taking an enormous amount of liquidity out of the market, by the way. >> but there's a big difference between volume and liquidity, okay? on benign day when the vix is low and the market is coming along near highs, we're easily lulled into a complacency, look at the deep book in bank of america. we always ignore the mid- and small cap names that have less liquidity, wider spreads, more volatility. >> i don't know how much time we're going to have to get

through all three of these, but let me just recite the three things you would do to fix it and we can have a discussion about it. you would eliminate payment for order flow. >> the make or take model. >> you would restrict some information from being disseminated in proprietary data feeds. >> correct. >> and you would overhaul order types. >> absolutely. >> explain that. how does that change market structure? >> well, what we have now is, you know, 60 fragmented destinations. and each of those destinations is monopolized at the top of the book by the high-speed traders. why? because it's a speed race, because in each of these destinations is the dangling of a rebate, right? this payment for order flow. that's driving the speed, because if you're first in line, you get the rebate. if you're second in line, you get nothing. so that's driving this speed, which is causing the market to be unsafe, and it's driving the fragmentation. a safe market structure is where we will have fewer liquidity pools, okay, that are deeper, and more diverse. in other words, not monopolized

by one type of player. and that's what we want to get to. eliminate the make or take model takes away this incentive, and it's a very elegant, easy solution for a regulator to administer -- to implement, rather than put a band-aid and legislate a speed limit or legislate, you know, any type of band-aid that they've been doing, a technological fix. >> don't limit technology, work with it and try to make it -- >> work with it. >> why can't day do it? what's wrong with the regulators? they don't understand this? >> i think the regulators understand very well. as a matter of fact, it was written in 2004, revised 1,800 times between then and when it was implemented in 2007, with the help of the very folks who set up this market strategy. >> kind of like the volcker rule? where has that gone? >> let me tell you, that is going somewhere. that is going somewhere, we'll see. i think we're going to see asset sales as a result of all of this change. sal, good to have you on the program. >> thanks for having me. >> and the book, broken markets, if you want more on sal's work

on high-frequency trading and market structure. thank you so much for joining us. >> heading toward the close, about 23 minutes left in the trading day, up 122. so, yes, we have come back from what -- gained back most of what we lost yesterday. >> almost all of it. okay, according to google chief eric schmidt, the video wars are over before most forces got a chance to fight. and the internet has won. that's news to tv executives. we'll have the story, next. >> can you say arrow? after the bell, when most people think of kathy ireland, they think of swimsuits. >> really? >> but it was -- >> yes, day do, maria. but it was socks, not swimwear, that helped turn kathy ireland from a model to the head of a $2 billion clothing and home furnituring brand. kathy ireland will be here at the new york stock exchange. many traders, i guess, are delaying their exit today. >> they're waiting for kathy, yes p yes. >> that's coming up on the "closing bell." stay tuned.

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google and youtube, eric schmidt declaring victory last night. julia boorstin on the story. >> reporter: well, maria, google's big pitch to madison avenue is its massive reach. more 18 to 34-year-olds watch youtube than any cable network. eric schmidt saying internet video has already displaced tv, with more than 1 billion people coming to youtube every month and people watching 50% more youtube than a year ago, 6 billion hours per month. youtube is trying to show advertisers it's just as much about premium content as it is about cab videos, saying that media giants have invested tens of millions of dollars in youtube creators. those media giants including time warner and discovery, and just yesterday, dreamworks animation bought a youtube channel creator called awesomeness tv. but it's worth pointing out that despite all of this, the tv ad market is still soaring, especially at cbs, which reported 22% higher first

quarter profit on record super bowl ad prices. ceo les munoz predicting that they'll rise in the upcoming ad sales, period. emarketer estimates that more than $4 billion will be spent on digital video ads this year. that's more than twice 2011 levels. but it's still a fraction of the $66 billion that emarketer says will be spent on tv ads. bill, over to you. >> julia, what exactly does digital steal market share from? >> reporter: well, bill, if you look at the recent "new york times" company results, i have to say, i think print is really suffering here. those traditional newspapers, both in the print formats and online, are losing a lot of advertisers and a lot of that money is shifting over to digital. i think, we'll see some money shift from broadcast into cable, just reflecting where the ratings are going, but digital video is such a growth market, it can steal a little bit from here and there without really having a direct impact, specifically on tv, since they

are such different mediums. >> right. thanks, julia! >> all right, we're in the final stretch of trading, about 20 minutes before the closing bell sounds before the day. a market that's holding on, up 123 points, near the highs of the day. despite today's comeback, kyle harrington says this market is growing complacent, not resilient. and later, the ceo of metlife talks coming up on "closing bell."

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goldman sachs ceo lloyd blankfein made headlines today on the markets. mary thompson has details for us. you saw it live here. >> it was live on cnbc. blankfein talked markets, the economy, and books! goldman's ceo saying the world economy is muddling through, but on firmer footing. he's optimistic about the u.s. and perplexed that growth isn't stronger, something he blames on executive's lingering fears and anxiety from the financial crisis. he says the federal reserve's easy money policy is the right one, balancing near-term deflationary threats with longer term inflationary fears. >> the consequences of deflation are so much more severe and is a

playbook for inflation. so if i were in charge of the tools that the fed is in charge of, i'd be doing it too. >> blankfein sees the euro zone problems as lingering and believes in the will of the region's players to achieve financial unity. the question, he says, though, is do they have the capacity to do it? on china, blankfein says, this is its century. as for big banks like goldman, he says they need to better explain what they do and why they're needed. on regulation, he says the volcker rule is well-intentioned, but potentially harmful, and calls talks of a financial transaction tax screwy. as for a recommendation, a biography of george washington. >> thanks so much. we're watching this market trade higher as we approach the close, about ten minutes left in the trading session. the dow on pace for a triple-digit rally after that triple-digit loss yesterday. >> which we're going to talk about right now with kyle harrington with harrington

capital management and phil. we were talking to a trader yesterday, kyle, and he says he's going to buy the dip, and it worked. you think this market is becoming too complacent. when the market goes down, everybody expects it to go back up again. >> a little self-satisfied for me. phil and i were talking about before. this jobs report is a big number. and as i was looking at some of the research, the s&p 500, you'll see that 342 companies reported approximately so far, 60% of them, maria, have beaten earnings. but if you look at them beat revenues, it's less than 50%. you can only cut your way to success so long before the revenues fall short. >> what are you expecting from that jobs number tomorrow? and is that priced into this market already or do you think if it's a bad number, it's going to disappoint and create selling? >> i think what we really need to look at is the fundamentals under the number. three fifths of the potential workers that exited the market place in the last report were 25 to 54 years old. it's not like the baby boomers are leaving. these are our workers that are

leaving today. and while the number went down, it's really the precipitation rate we need to focus on. >> how is the market going to react, is really my question? >> i think we're going to see a flat number tomorrow. that number that we released tomorrow as well. so i think that it will -- iyou know, i don't think the market will respond greatly one way or another. >> and you know how it works, kyle, even if it's a bad number, you can always argue, this market will say, well, bernanke will bail us out, there's more liquidity coming anyway, right? >> based on his discussion, he kind of said that he would be accommodative, to continue to have this market go forward. >> but is that complacency, or is that merely a valid acknowledgement of the liquidity that has powered this market higher here? >> i think he's powered the market higher. i think it's a complacent mind-set. maria, not since june of 2009 have we had a positive may. you need to take that into consideration. this is the time of year where you trim your positions, i think, and you're very cautious

in nature. >> so are you a seller? >> am i a seller? >> she asked you first? >> i am selling positions, not the entire position, i am selling positions and being very cautious, very watchful, to potentially sell all the positions, you know, in the portfolio. >> what's it going to take to get some job growth going here? >> i think that comes from our small businesses and its certainty. we have to address the issues in washington. >> so, i mean, bernanke took a swing at fiscal policy yesterday. maybe, you know, the payroll tax shouldn't have been restored. did that hurt job growth in this country? >> well, i really think small business owners today are responding to an increased consumer demand. and that's where the hiring is coming from in the small business level. because there is some hiring. but ultimately, what they're going to have to do is they're going to have to address the deficit issue and revenues are on the table, because that's the only way we're going to do it. so once we address the revenues, once small business owners know the rules of the game, then they can decide whether or not they're ready to invest in a growing economy or not. now they're sitting on the sidelines. >> they're sitting on their

sidelines and their cash. good to see you. appreciate your time. i want to send it over to josh lipton with a quick market flash. >> we're watching sun power. now, this company was supposed to report after the bell. they released early. we're trying to find out why. in the meantime, this stock is ripping higher. it's up more than 16%. they beat easily on the bottom line and the top line. the street was looking for 6 cents and clock in at 22 cents ton topline. analysts were looking at 508, they come in at 635. stock up about 16%. that's the highest level since september 2011. interesting, the french energy client totale is your major shareholder here. but sun power easily beats bottom and top line, up about 15, 16% right now. maria, back to you. >> josh, thank you. big move. >> sun is shining on sunpower today. is it time for the closing countdown already? >> it is, bill. that time of the day. >> we'll be back with that. >> and after the bell, a pair of exclusive interviews in the insurance sector, the ceos of

aig and metlife coming your way to talk about the business and these record low interest rates. you're watching the "closing bell" on cnbc, first in business worldwide. [ male announcer ] you are a business pro.

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yes, it is. go national. go like a pro. bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on his portfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. welcome back. about 4 1/2 minutes in this trading day. look at the dow. >> looks good. >> first day of may, we thought, uh-oh, maybe they are going to sell in may and go away.

so we were down 128 points yesterday. but, wait, there's always the buy then dip mentality. we're up 118 points right now. we've gained back much of what we lost yesterday. two earnings to keep an eye on for tonight. aig will be out after the close. they're expecting a profit of 87 cents, on revenue of $8.63 billion and linkedin will be out as well. by the way, aig is up 2% today, as are many insurance companies, by the way. and then linked north dakota with a gain of 3.5% today. they're expecting a profit of 31 cents on $317 million. >> we're going to talk to bob benmosche in the next hour, ceo of aig, find out how the business is looking. but definitely we are seeing the insurance names do a lot better today. >> they've come back in a big way here. so, ben willis, did you buy this dip? we just had an analyst on, saying, we've become way too complacent on this buy on dip mentality. >> remember the term, goldilocks market? we're in the tina market, there

is no alternative. we're now finding out money has been going into the bond market and coming into the equity market anyway. we're the de facto, the only place really to put your money unless you want to oput it unde junior mattress. any kind of pullback has been short and sweet and we've turned it around. i didn't want to create any long positions. i missed the last 15 points of the s&p to the upside, quite truthfully, truth be known to the world. but i'm -- >> you're sleeping nights. >> where is the rotation, though? where is the most conviction in terms of leadership in this market? >> right now, technology, oddly enough. the high-beta group, we're seeing money leave the utilities. that bond-investing mentality, going into even higher-risk areas of the market. you're seeing it going, particularly, very strong move in technology today. you're seeing it go into oil. oil, again, people finding out, you don't have to have a $100 barrel of oil to make profits at the big oil. >> we know that the fed has been putting a floor under this market. we know the japanese central bank is doing the same thing

now. and this morning, mario draghi was making the very same kind of argument, not only cutting rates, but calling for a cut in interest rates in europe. >> and asking for a helicopter. they didn't have one like ben bernanke did. >> so why worry about this market, then? >> exactly. why worry about it? the central banks have been backstopped throughout the world, is the way to look at it. it's a very dangerous mentality. i've always taught my kids, don't do what everybody else is doing. everybody else is investing in equities right now. that's not really a good indicator. >> then, where else, then? given the level of rate, where else are you going to go? >> that's the alternative. that's the alternative. so you buy the companies you understand, hopefully they have a dividend, and even a 2% dividend may seem ridiculous to equity investors, to the rest of the world, that's a very good payout. >> i'm going to get ready for benm benmosche, top of the hours. >> tomorrow we get the jobs number for last month. nobody's got very high expectations for that right now. >> yeah, especially after the adp number.

my preference is the adp number. i think the correlation takes a little bit of time to work its way out. but from the private sector and not having to worry about how the bls -- >> labor statistics, right? >> i think that's an indication that things are still -- they're better, but not great. >> but here again, even as we've been talking about, even as we get a bad number tomorrow, couldn't the markets say, well, good! because the fed's going to help us out tomorrow. >> we'll be backstopped around the world. not only do we have central banks supporting their own markets, but now we have stories of central banks buying equities. that is just bizarre to me. but the fact of the matter is, you can't fight this. you'll get hurt pretty good. >> tough to act as a trader when even the fundamentals won't help you figure out which way this market is going to go? >> that's why i said, i missed the last 50 points, i'll tell anybody who wants to know, that's the truth of my hand. do i think it goes higher eventually, yes, but you can't have these runs straight up the way we've been having them. >> right. sleep well, tonight. ben willis. we are going out with a gain. gaining back much of what we

bought yesterday. they bought the dip after all. the dow finishing up about 128 points after 128-point decline on the first day of may. that'll do it for the first hour of the "closing bell." stick around for those important earnings and the exclusive interview with the ceo of aig coming up with maria bartiromo. i'll see yo uh tomorrow. it is 4:00 on wall street. do you know where your money is? back back to the "closing bell." i'm maria bartiromo at the new york stock exchange. it's sort of like yesterday never happened. the market rally today gaining back all of yesterday's losses today. here's a look at how we're finishing the day on the street. the dow jones industrial average higher in the triple digits, up 129 points. yesterday we were down 127. 14,830, last trade on the dow. the volume, not great, once again, 602 million shares at the big board. nasdaq composite picked up